The Quantum Computing market is expected to grow from USD 472 million in 2021 to USD 1,765 million by 2027, at a CAGR of 30.2%.
This Quantum Computing Market analysis report is a cautious investigation of current scenario of the market and future estimations which considers several market dynamics. Market research report acceptance is very essential for the business growth as it helps with the better decision making, enhancing revenue generation, prioritizing market goals & results in profitable business. It makes easy for the industry to visualize what is already available in the market, what market anticipates, the competitive environment, & what should be done to surpass the competitor. The Quantum Computing Market report not only aids to save valuable time but also adds credibility to the work that has been done to grow the business.
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This report studies the Quantum Computing Market size, industry status and forecast, competition landscape and growth opportunity. This research report categorizes the Quantum Computing Market by companies, region, type and end-use industry.
Scroll down 100s of data Tables, charts and graphs spread through Pages and in-depth Table of Content on ”Global Quantum Computing Market By System (Single Qubit Quantum System and Multiple Qubit System), Qubits (Trapped Ion Qubits, Semiconductor Qubits and Super Conducting), Deployment Model (On-Premises and Cloud), Component (Hardware, Software and Services), Application (Cryptography, Simulation, Parallelism, Machine Learning, Algorithms, Others), Logic Gates (Toffoli Gate, Hadamard Gate, Pauli Logic Gates and Others), Verticals (Banking And Finance, Healthcare & Pharmaceuticals, Defence, Automotive, Chemical, Utilities, Others) and Geography (North America, South America, Europe, Asia- Pacific, Middle East and Africa) – Industry Trends and Forecast to 2026″. Early buyers will get 10% customization on study.
To Avail deep insights of Quantum Computing Market Size, competition landscape is provided i.e. Revenue Analysis (M $US) by Company (2018-2020), Segment Revenue Market Share (%) by Players (2018-2020) and further a qualitative analysis is made towards market concentration rate, product/service differences, new entrants and the technological trends in future.
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The early adoption of quantum computing in the banking and finance sector is expected to fuel the growth of the market globally. Other key factors contributing to the growth of the quantum computing market include rising investments by governments of different countries to carry out research and development activities related to quantum computing technology. Several companies are focusing on the adoption of QCaaS post-COVID-19. This, in turn, is expected to contribute to the growth of the quantum computing market. However, stability and error correction issues is expected to restrain the growth of the market.
Drivers: Early adoption of quantum computing in banking and finance industry
Quantum computing is gaining traction in the banking and finance services industry, which is focusing on increasing the speed of trade activities, transactions, and data processing manifolds. One of the significant potential applications of quantum computing is the simulation. Quantum computing helps in the identification of an improved and efficient way to manage financial risks. The processing time and the costs of high-quality solutions can increase exponentially if classical computers are used in financial institutions, while quantum computers can carry out speedy operations at optimized costs, resulting in cost savings and new opportunities for revenue generation
Rise in investments in quantum computing technology
Various government agencies related to the global space and defense sector are investing increasingly in the development of quantum computing technology so that different optimization and simulation strategies can be implemented with quantum computers. Governments of various countries across the world are making significant investments to support their research institutes for the development of quantum computing technology. China is investing significantly in research and development activities related to quantum computing technology. Governments of the US and Australia, as well as of the countries of the European Union, are forging ahead with quantum computing initiatives. For instance, in August 2017, the Commonwealth Bank (CBA) joined telco firm Telstra, the Federal Government, the New South Wales Government, and the University of New South Wales (UNSW) in a USD 83 million venture to establish the first quantum computing company of Australia.
Surge in number of strategic partnerships and collaborations to carry out advancements in quantum computing technology
Quantum computing technology is in its infancy stage. The development of scalable quantum computers requires dedicated partners to carry out advancements in quantum computing, develop practical applications, and build a quantum workforce of the future. Several companies such as Intel, Google, and IBM are collaborating with universities of different countries to carry out research and development activities related to quantum computing technology. Additionally, IBM has announced a series of partnerships with corporations and academic institutions to explore the practical aspects of this technology. The Massachusetts Institute of Technology, Princeton University, and the University of Waterloo are also working collaboratively on the development of quantum computer prototypes. Moreover, the retail bank, NatWest partnered with Fujitsu on a proof-of-concept project that aims to optimize its mix of high-quality liquid assets, including bonds, cash, and government securities
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Restraints: Stability and error correction issues
Presently, quantum computers use physical qubits, which are error-prone. It is estimated that 1,000 physical qubits are required to make a single logical qubit error-free, which is a goal yet to be realized. Till 2020, devices with up to 5,000 physical qubits had been developed. However, a commercially useful quantum computer is expected to be a 200 logical qubit machine with 200,000 physical qubits.
Commercializing quantum computers is a complex task. Till date, it is not possible to maintain the quantum mechanical state of qubits for a long period of time as they are delicate and can get easily disrupted by changes in environmental temperature, noise, and frequency. Moreover, a number of blockchain-based technologies rely on the elliptic curve digital signature algorithm (ECDSA), which is not quantum-safe at present.
Services segment is projected to lead the quantum computing market from 2021 to 2027.
The growth of this services segment can be attributed to the increasing number of startups across the world that are investing in research and development activities related to quantum computing technology. This technology is used in optimization, simulation, and machine learning applications, thereby leading to optimum utilization costs and highly efficient operations in various end-use industries.
The cloud based segment held largest share of the quantum computing market in 2020. With
With the development of highly powerful systems, the demand for cloud-based deployment of quantum computing systems and services is expected to increase. This, in turn, is expected to result in a significant revenue source for service providers, with users paying for access to noisy intermediate-scale quantum (NISQ) systems that can solve real-world problems. The limited lifespan of rapidly advancing quantum computing systems also favors cloud service providers. The flexibility of access offered to users is another factor fueling the adoption of cloud-based deployment of quantum computing systems and services. For the foreseeable future, quantum computers are expected not to be portable. Cloud can provide users with access to different devices and simulators from their laptops.
Machine learning is expected to witness highest CAGR in coming years
Quantum machine learning involves the integration of quantum algorithms within machine learning programs. In the case of complex models, it becomes very difficult to sort a large number of variables systematically. Thus, users can opt for quantum computing technology to resolve this complexity with accuracy and speed. For instance, in the Monte Carlo method, the sampling technique is used to estimate numerical quantities from a large dataset. Quantum algorithms can be used to increase the execution speed of a solution, while algorithms can expedite the implementation of the Monte Carlo method and reduce the computational time.
The superconducting qubits segment is projected to account for the largest size of the quantum computing market from 2021 to 2027.
The growth of this segment can be attributed to faster operations of quantum computers based on superconducting qubits technology than the computers equipped with other technologies. The technology companies such as IBM, Google, and Intel are expected to launch their quantum computing services with superconducting qubits in the coming years.
The Quantum Computing market for healthcare and pharmaceuticals is foreseen to grow at a significant rate owing to the spread of the COVID-19
Governments of various countries have increased their healthcare and pharmaceuticals spending to combat this issue. Companies operating in this industry focus on the adoption of emerging technologies, such as quantum computing. The quantum computing technology enables scientists to develop medical and diagnostics tools that are ultra-precise and ultra-personalized. Moreover, quantum sensors can be used in magnetic resonance imaging (MRI) machines for ultra-precise measurements.
APAC is projected to hold a major share in the Quantum computing market in coming years
APAC region is a leading hub for several industries, including healthcare and pharmaceuticals, banking and finance, and chemicals. Countries such as China, Japan, and South Korea are the leading manufacturers of consumer electronics, including smartphones, laptops, and gaming consoles, in APAC. There is a requirement to resolve complications in optimization, simulation, and machine learning applications across these industries. The large-scale development witnessed by emerging economies of APAC and the increased use of advanced technologies in the manufacturing sector are contributing to the development of large and medium enterprises in the region. This, in turn, is fueling the demand for quantum computing services and systems in APAC.
Key Market Players
The Quantum Computing market was dominated by International Business Machines (US), D-Wave Systems (Canada), Microsoft (US), Amazon (US), and Rigetti Computing (US).
International Business Machines
IBM provides information technology products, along with computer solutions and services across the world. It has various divisions, namely, IBM Global Services, IBM Smartcamp, and IBM Research. Under its IBM Research division, the company has started the Quantum Experience, a set up wherein researchers carry out research on the IBM quantum computers through the cloud.
This report categorizes the Quantum Computing market based on offering, deployment, application, technology, end-use industry, and region.
Quantum Computing market, by Offering:
Quantum Computing market, by Offering:
Quantum Computing market, by Application:
- Machine Learning
- Others (Quantum Chemistry and Quantum Finance)
Quantum Computing market, by Technology:
- Trapped Ions
- Quantum Annealing
- Superconducting Qubits
- Others (Topological and Photonic)
Quantum Computing market, by End-use Industry:
- Banking & Finance
- Space and Defense
- Banking and Finance
- Healthcare and Pharmaceuticals
- Energy and Power
- Transportation and Logistics
Quantum Computing market, by Region:
- North America
- In January 2020, IBM partnered with Daimler AG, the parent company of Mercedes-Benz, to enhance the capacity and increase the charging speed of batteries of electric vehicles. These companies used a quantum computer to model the dipole moment of three lithium-containing molecules that paves the way for the development of the next-generation lithium sulfur (Li-S) batteries that will be more powerful, long-lasting, and cost-effective than lithium-ion batteries.
- In November 2019, IBM partnered with the Unitary Fund to provide grants and priority access to certain IBM Q systems. Similar to the quantum computing mission of IBM, the Unitary Fund aims to create a quantum technology industry that benefits most of the people.
Why You Should Buy The Global Quantum Computing Market Report?
The Quantum Computing market report provides a meticulous picture of the sector by summary of data, production, and method of study originated from various sources. Competitive analysis comprises identifying the key mutual trends and major players of the market. Besides, report also includes an assessment of different factors essential for the existing market players and new market players coupled with methodical study of value chain.
Key Topics Covered:
2 Quantum Computing Market Segmentation
3 Market Overview
4 Executive Summary
5 Premium Insights
6 Quantum Computing Market, By Type
7 Quantum Computing Market, By End-User
8 Quantum Computing Market, By Geography
9 Quantum Computing Market, Company Landscape
10 Swot Analysis
11 Company Profiles
14 Related Reports
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